The European Investment Bank (EIB) is granting EUR 500 million, the first tranche of an approved loan amount of EUR 1.5 billion, to Hungary to -as the government claims - co-finance priority projects receiving support from the European Regional Development Funds and the European Social Fund within the 2014-2020 EU programming period, portfolio.hu reports.
The Hungarian government's website says the loan helps Hungary broaden the scope of the utilization of EU funding made avaialable for the country, achieve economic development objectives and improve people’s standard of living.
"The combination of the EIB loan and EU grants will enable Hungary to meet its national strategic priorities - supporting sustainable economic growth and improving the everyday life of citizens by boosting labour productivity, promoting economic and inclusive growth and increasing the number and quality of jobs," the Minister for National Economy, Mihály Varga said.
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